SABC ‘still solvent‘

Johannesburg – The SABC is not insolvent, says acting group chief executive Gab Mampone.

“Also, we are not under liquidation,” he told a media briefing yesterday, adding the problem was cash liquidity. The national broadcaster was reacting to reports that it was financially strapped.

“We are concerned, but are not in crisis mode,” said board finance committee chairman Gloria Serobe.

Chief financial officer Robin Nicholson said the SABC faced a R784-million deficit, R400-million of it from cancelled advertising expenditure. Banks had also reduced lines of credit. – Sapa